Well, my sub just expired the other day.
I'm not sure what to think really, now that the "holy crap this is the best thing ever" excitement has worn off. I really, really love the service, I think the leagues are awesome and I love the seemingly constant software updates. The tracks are the best I have ever seen, and probably the best I will ever see for a long time. The racing is great, respectable and close, and I like the car selection - lots of American oddities that probably won't ever make it into any other game. Every bone in my body yearns for that upcoming FR500C.
But, there's just something missing. The handling just lacks something to make it really feel like I'm driving a car (something LFS nails, IMO). And it must be said, the game is a little unforgiving in terms of spins and dropping wheels etc (but it's not too bad, and obviously I haven't tried every car). It also feels a bit like each car is using a completely different physics model (at least between the 3 rookie cars and the SR8). I'm not sure if that's a good or a bad thing.
LFS has it's problems in terms of handling, but overall it feels better to drive to me, more engaging. If iRacing had LFS' handling, with iRacing's tracks, cars and service, I would buy every ounce of content (road side anyway) and a 5-year membership. But I think for now iRacing will remain an expensive vacation from normal simracing in LFS and NKP.